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Bankruptcy Keyed to Levitan, 3rd Ed.
In re Miami Metals I, Inc.
Citation:
603 B.R. 727 (2019)Facts
The Debtors operated a precious metals refining business, receiving raw materials from customers throughout the United States and Western Hemisphere. Eight “Silo One Customers” delivered raw metals to the Debtors pursuant to the Debtors’ “Standard Terms and General Operating Conditions.” After receiving the raw materials, the Debtors assigned lot numbers, weighed, and melted the materials to obtain samples for assay testing. The materials were then commingled with other customers’ materials during the refining process. The Debtors could not identify the raw materials delivered by specific customers after they were commingled. When the Debtors filed for bankruptcy, these customers claimed ownership interests in the metals, asserting they had bailment relationships with the Debtors. The executed terms between the Debtors and the Silo One Customers specifically stated that returnable metal “does not pertain to specific, segregated, or identifiable metal” and that the Debtors reserved “the right to return precious metals to Customer of like kind representing the ounces of precious metals owed to Customer.”
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